Word: cocoa
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Into the vortex of the New York Cocoa Exchange one day last week dropped a single bid for 60,000,000 Ib. of cocoa. Placed by Hershey Chocolate Corp. and amounting to nearly $6,000,000, the order brought to a sharp halt a selling swirl which had carried down the price of cocoa nearly 25% within a fortnight and forced the Exchange at one point to suspend trading. The Hershey bid, slightly under the market, was not filled, but coming from the world's largest cocoa buyer the gesture was enough...
Much in the news last week was the last important U. S. commodity market to emerge from Depression doldrums. The New York Cocoa Exchange announced record turnover of 77,558 contracts of 30,000 lb. each during 1936, almost double the figure for 1935. Imports of cocoa beans into the U. S., which drinks or eat as chocolate about 40% of the world supply, were 4,312,518 bags last year compared to 3,883,593 bags in 1935. And after a sharp advance during the last six month; the price of cocoa last week hovered around...
...cocoa's rise, as for that of more staple commodities, the obvious and basic explanation is increased consumption. But there have also been special reasons for the hot cocoa market. Unlike rubber and tin (see p. 59) cocoa production is not amenable to cartel agreement. The cocoa tree, which was discovered in Mexico by the Spanish conquistadores, is a sensitive plant, takes from six to eight years of careful tending before it yields a good crop of cocoa beans. In West Africa where one-third of the world's crop is harvested, native growers...
Result of this lassitude was that after more or less keeping pace with consumption from 1933 through 1935 the production of cocoa in West Africa began to fall off relatively last year. On the British Gold Coast, whose Accra beans make up the largest proportion of the crop, an early season drought deprived trees of needed moisture. Cocoa figures are notoriously hard to get but when harvest time came on the Gold Coast in October, crop estimate for that area dropped from 260,000 ton to 235,000. In Brazil, whose bahia crop is the world's second largest...
...anybody's guess. Natives were still busy in Africa last week harvesting the pods of the cacao tree. Shaped like a football and nearly as big, the yellow or red pods are tossed into heaps by the cutters, who return to slice them open, scoop out the cocoa beans and pile them in boxes or wrappings of plantain leaf for a week's fermentation. They are then dried brown, either in kilns or in the sun, and sacked. Many an Accra tribesman has toted two 60 lb. "headloads" of cocoa beans on a day's trek from...